LenCred Small Business Loans

LenCred Small Business Loans Review

LenCred is a business financing offering by LenCred, based in Blackwood, NJ. Founded in 2001, LenCred offers access to small business loans in 50 states (and Washington, DC).

LenCred FAQ

What are LenCred’s rates?

LenCred offers a business financing product that ranges from 0% APR up to 20% APR.

Does LenCred charge an origination fee?

Yes, LenCred charges a loan origination fee of 6% to 8% of the business loan amount up to 5000. LenCred deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does LenCred set on the purpose of the business loan?

LenCred considers business loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of small business loans does LenCred offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. LenCred provides access to the following business loan types:

• Unsecured Term Business Loans
• Lines of Credit
• SBA Loans

Does LenCred charge prepayment fees?

Yes, LenCred charges additional fees to borrowers who pay off their small business loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a business loan early.

How much can you borrow from LenCred?

Business loan amounts start at $25,000 and go up to $200,000.

What do you need to qualify for LenCred Small Business Loans?

LenCred Small Business Loans does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 700 and up to 850 may be eligible for LenCred Small Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via LenCred Small Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by LenCred Small Business Loans.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity

What is the estimated funding time for a business loan via LenCred?

LenCred can provide a credit approval decision in less than an hour and fund the business loan within 5 business days.

Does LenCred Small Business Loans report your account activity to credit bureaus?

Yes, LenCred Small Business Loans reports your account activity to the following credit reporting agencies:

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.